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LP BUILDING SOLUTIONS LP Building Solutions Reports First Quarter 2021 Results , Provides Second Quarter Outlook , and Announces an Additional $ 1 Billion Share Repurchase Authorization May 4 , 2021 NASHVILLE , Tenn . , May 4 , 2021 / PRNewswire / -- Louisiana - Pacific Corporation ( LP ) ( NYSE : LPX ) today reported its quarter ended March 31 , 2021 financial results . Key Highlights for the First Quarter • Net sales increased by 74 % to $ 1.0 billion • LP® SmartSideⓇ net sales increased by 49 % to $ 283 million • OSB net sales increased by $ 319 million to $ 539 million , $ 333 million of which was from higher OSB prices • Net income attributed to LP was $ 320 million ( $ 3.00 per diluted share ) • Cash provided by operating activities was $ 314 million • Adjusted EBITDA ( 1 ) was $ 461 million • Adjusted Diluted EPS ( 1 ) was $ 3.01 per share ( 1 ) This is a non - GAAP financial measure . See " Use of Non - GAAP Information " and " Reconciliation of Net Income to Non - GAAP Adjusted EBITDA , Non - GAAP Adjusted Income , and Non - GAAP Adjusted Diluted EPS " Capital Allocation Update • Paid $ 122 million in the quarter to repurchase 2.4 million shares of LP common stock • As of May 3 , 2021 , $ 32 million remaining under the $ 300 million share repurchase authorization • Paid $ 17 million in cash dividends • Cash and cash equivalents of $ 658 million as of March 31 , 2021 • Declared a quarterly cash dividend of $ 0.16 per share • Announces additional authorization of $ 1 billion to repurchase LP common stock " LP's Siding and OSB segments both set records for sales and EBITDA in the first quarter , " said LP Chairman and Chief Executive Officer Brad Southern . " LP's operations , procurement , and logistics teams overcame supply chain challenges as well as extreme winter weather in the southeast to deliver outstanding results . Capacity expansion projects are underway at Houlton and Peace Valley in order to meet strong and growing demand for innovative SmartSide and Structural Solutions products . " First Quarter 2021 Highlights Net sales for the first quarter of 2021 increased by $ 432 million ( or 74 % ) over the prior year to $ 1.0 billion . SmartSide revenue increased by $ 93 million ( or 49 % ) and OSB prices increased by $ 333 million , partially offset by 7 % percent lower OSB sales volume . Additionally , South America revenue increased by $ 17 million over the prior year to $ 53 million . Net income attributed to LP for the first quarter 2021 increased by $ 287 million over the prior year to $ 320 million ( $ 3.00 per diluted share ) primarily due to the growth in SmartSide and the higher OSB prices . We recognized debt extinguishment charges of $ 11 million during the first quarter of 2021 . During the first quarter of 2020 , we recognized pre - tax impairment charges of $ 7 million related to fiber - producing assets . Adjusted EBITDA for the first quarter of 2021 increased by $ 378 million over the prior year to $ 461 million , primarily due to SmartSide revenue growth and higher OSB prices . Segment Results Siding